- Brits believe investing money into public services (56%), economic growth (37%) and inflation (35%) are the three most important economic issues for the main political parties to consider in the upcoming general election, research commissioned by AJ Bell* reveals
- Tax (32%), housing (27%) and state pensions (27%) are also outlined as key concerns among voters:
- There is a stark generational difference in priorities, with 36% of 18-34 year olds believing housing to be one of the three most important issues to them compared with just 18% of those over 65
- Those aged 18-34 are also more inclined to believe the tax burden is of greater importance, with two fifths (39%) picking tax compared with 27% of those over 65
- The state pension illustrates a split between the priorities of those who intend to vote Conservative (37%) and those who intend to vote Labour (20%) in terms of its importance
- Digging deeper into which taxes the public support, further National Insurance (NI) cuts receive 28% support but 45% believe NI should remain at current levels
- Income tax sees a similar pattern as 41% back a reduction while 31% back income tax remaining where it is
Tom Selby, director of public policy at AJ Bell, comments:
“As Rishi Sunak and Keir Starmer continue to hurtle across the country in their respective party battle buses, they will be hoping to at least appear to understand the major concerns of the British public before they head to the polls on 4 July. With the political parties launching their manifestos this week, pledges on the economy, tax and household finances will be a crucial feature of their pitch to the voters.
“Funding public services, including the NHS, is by far and away the most commonly cited top priority among Brits, with economic growth, inflation and tax policy also prominent in voters’ minds. These are closely followed by housing and state pensions, with a clear generational split between older and younger voters on these issues.
“However, most people aren’t willing to pay for better public services out of their own pockets, with voters strongly opposed to any rise in either income tax or National Insurance. In this context, it is perhaps unsurprising both Labour and the Conservatives are desperately hoping economic growth – something that has been elusive for the past two decades – will come to the rescue and solve the UK’s fiscal problems.”
Housing and pensions
“When it comes to housing, more than two thirds of 18-34 year olds believe it to be one of the three most important issues this election compared with 18% of those over 65, reflecting the challenges younger people face in buying a first home. At the same time, the tax burden sees a split between the same groups, with nearly two fifths of 18-34 year olds highlighting it as a key issue in contrast to 27% of those over 65.
“This comes after the Tories’ announcement of a ‘triple-lock plus’ in the first week of the campaign, which would see the personal allowance rise alongside the state pension to prevent those over 65 being taxed on it. This is yet another issue that divides younger and older voters, with just 9% of respondents aged 18-34 saying the state pension was a key economic issue in this election versus half of over 65s. The divide on the state pension between those who intend to vote Labour and those who intend to vote Conservative could also be telling and reflect each party’s position so far this campaign.”
Source: AJ Bell, Opinium. Q2: Which of the below economic issues do you believe to be the most important consideration for any political party in the upcoming general election? Please select the 3 most important economic issues.*
*Based on a nationally and politically representative survey of 2,184 UK adults carried out on behalf of AJ Bell by Opinium between 29 and 31 May 2024.
